The newest buzz is all about incorporating a sales funnel into your marketing plan. So naturally, many business owners are now wondering what exactly is a sales funnel? What does it include?
Lucky for you, the Moxie team knows a thing or two about how a sales funnel works and the incredible success it can bring. We’ll explain everything you need to know about sales funnels and why you absolutely need one for your business!
Understanding the Funnel
What is a sales funnel, you ask? No, it’s not a pyramid scheme turned upside down. A sales funnel is a process that narrows, sorts, and analyzes your sales leads. Simply put, it’s a tool that takes a macroscopic look into your lead’s journey, highlighting every step of engagement they have with your brand.
Many companies waste so much time chasing after every single lead. They often send these leads on to their sales team without evaluating who these leads are and what the best approach for each individual is.
A sales funnel allows you to SLOW YOUR ROLL in the best way! It allows you to form the best method to organize, sort, and direct leads to the best place with the highest probability of converting.
Without a sales funnel, you might as well be throwing everything at the wall to see what sticks! Having a strategy in place gives you the visibility and consistent process necessary to get your company the best results.
Especially for B2B sales, a sales funnel is a necessity to ensure that your company is using the best tactic to build relationships and close more deals!
Identifying the Right Leads
Like the iconic scene in Sex and the City when Carrie is purging her closet, using a simple method of toss or take, think of this regarding your leads. You want to keep your most important leads close. The others are not be completely “tossed” but tucked away in a different compartment of your database (or in Carrie’s case, in the back of her closet).
For example, the process could be based on which leads are most likely to buy, which have the most urgent needs that are driving them to make a purchase, and which leads require longer-term nurturing. This includes follow up tactics to stay top of mind with all of these categories.
If you have a few initial steps in your sales funnel, such as e-mail survey or phone consultation, this gives you the chance to ask your lead to commit to a higher level of interaction. Every step of this journey gives you the chance to learn more about your prospective client and figure out which leads are serious or dead end prospects.
Not all sales leads are created equal. The sooner you know the difference, the quicker you can strategize a plan of action to start winning every lead to your brand.
Keep up with Your Competitors
A sales funnel isn’t just about potential clients it’s also about competing businesses. As previously mentioned, sales funnel gives you an in-depth look into what drives your customers forward in their purchase process. This allows you to explore split tests, determine best practices and ultimately increase your website conversion rate.
Put simply, those with a GOOD sales funnel will always have an advantage over competitors who don’t.
Not only do sales funnels make you more competitive but they also build long-term relationships with your leads. Beat your competitors at both of these and you will own your niche market in no time!
Remember, It’s not a Sprint, it's a Marathon
By identifying and establishing a good groove to your sales funnel, you can design a longer-term process to keep engaging with your leads in an orderly and organized system.
Having a sales funnel is crucial for success in today’s competitive B2B sales and ecommerce industry. Whatever service or merchandise you sell, you’ll be able to be more efficient by using an organized sales funnel that will sort best practices to build relationships.
Especially in complex B2B sales, it often takes some time before a new lead is ready to trust your brand enough to buy.
This is why a sales funnel with multiple points of contact over time is so important. You might need to keep “nurturing” your sale leads over an extended period of time before they’re ready to commit.
Today it's more important than ever for companies to set themselves apart with a strong online presence and consistent branding, but most importantly, a powerful sales funnel.
Want to talk sales funnels? Contact your Moxie team today to see how we can help scale your business to the next level.